CII BCG big picture summit report 2021

CII Big Picture Summit 2021
DECEMBER 2021
BLOCKBUSTER SCRIPT
FOR THE NEW DECADE
WAY FORWARD FOR INDIAN MEDIA
AND ENTERTAINMENT INDUSTRY

2 Vision Document for Indian Media & Entertainment: Enablers for Growth
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3
Placeholder for Section Divider
Mandeep Kohli
Managing Director and Partner,
Boston Consulting Group (BCG)
Kanchan Samtani
Managing Director and Senior Partner,
Boston Consulting Group (BCG)
K Madhavan
Chairman,
CII National Committee on Media
& Entertainment
Country Manager & President, The Walt
Disney Company India and Star India
Welcome to the 2021 edition of CII Big Picture Summit’s
Knowledge Report, in partnership with BCG, on the way
forward for the Indian Media & Entertainment industry
over the next decade.
The Media and Entertainment industry has shown
immense resilience and has bounced back post the
COVID blip. Currently valued at ~$27Bn, the industry is
witnessing strong growth tailwinds and is poised to grow
to become a $55-70Bn industry by 2030. The industry
is primed to drive a continuously growing user base,
consuming more and more content,through innovations
on multiple fronts.
After a difficult year, the recovery in television has been
encouraging. Even as historically strong sectors like
cinema chart their way back to pre-COVID levels, OTT
& gaming continue to register strong growth that is
expected to continue in the medium term. Consumer
demand remains strong with a continued rise in TV and
digital viewership amidst the new normal. Looking back,
we believe that we have successfully navigated the most
difficult times. Operations are returning to normal with
best-in-class safeguards and SOPs being established,
which should allow us to handle future perturbations.
Correspondingly, a recovery in ad campaign spending is
also being observed.
The pandemic disrupted and transformed the
consumption habits for content – both in home and
outside. Some of these emerging trends will have long
term implications for the industry. We expect the digital
trend to intensify, demand for regional content and OTT
adoption to continue rising, and the emergence of new
business models better suited to the new reality.
Goingforward,weneedtoretainsomehardtaughtlessons
from the COVID-19 pandemic – to keep innovating and
remain flexible. With the continued support of ~4.5
million strong industry members and more importantly
our ~1Bn+ consumers, the best is yet to come.
CII and BCG thank our stakeholders for their valued
perspectives and support towards enriching the content
of this Knowledge Report. We look forward to your
continued feedback in enhancing the usefulness of
this publication.
F REWORD

India’s Media & Entertainment industry has revived to
pre-COVID levels and is expected to grow to $55-70Bn
by 2030 at 10-12% CAGR, driven mainly by strong growth
in OTT, Gaming, Animation and VFX. The industry
continues to showcase multimodal growth with digital
video leading the consumption boom. As always noted in
the past, we believe this is the potential for the industry,
however, the realization of this potential depends on
several supply-side and demand-side factors.
TV as a medium is expected to remain robust given its
function as a platform for family viewing, strong user
base, and the evolution of content to meet everyone’s
needs. India’s TV penetration has remained flat (unlike
some advanced markets where it’s seeing a decline) and
ARPUs have also been steady, with both trends expected
to continue in the medium term. Subscriptions will be
driven by the strong performance of regional channels
and cost advantage vis-à-vis OTT. Cord cutting is nascent
and is expected to be limited in the medium term. TV ad
volumes have bounced back to pre-COVID levels and are
expected to continue growing in the future, driven by an
increase in advertising on regional channels & growth in
new advertisers.
The Indian OTT segment is currently in scaling stage with
strong subscription growth and increased investments in
premium & original content.More affordable data has led
to an increase in internet access and digital payments,
thereby improving access to OTT platforms and digital
videos. The industry is one of the most competitive
EXECUTIVE
SUMMARY

5
to develop infrastructure,intellectual capital and provide
financial incentives for the industry.
The Indian Media and Entertainment industry is at a
critical juncture and hence,it is imperative for companies
to take advantage of the current market situation and
brace themselves for the challenges. In addition to
investing in content and technology to improve user
experience, companies should also leverage suitable
distribution models to enhance reach,focus on providing
integrated ad solutions and offer innovative marketing
formats to enhance value proposition to advertisers.
amongstemergingmarketswith40+playersrepresenting
all types of content providers. SVOD revenue has seen a
remarkable surge over last few years and is expected to
overtake AVOD in the coming years.This strong growth in
subscription is due to various initiatives taken to expand
the user base through bundling and pricing innovations,
amply supported by significant investment in content.
Digital advertising is evolving towards more “interactive”
ads and is also witnessing increased blending of content
and ads (vs. explicit ads). Short form video platforms
are growing and provide a unique value proposition to
advertisers.
Gaming in India is currently underpenetrated compared
to the US and China but is expected to witness strong
growth due to the “mobile first” phenomenon. India
is also emerging as a talent hub with more than 10x
increase in the number of gaming companies over the
last decade. This has led to a boom in VC funding for the
sector over the last few years.
Thefilmindustryhasshownencouragingsignsofrecovery
post a difficult 2020. There are a few growth factors for
the future – continued growth in regional,direct to digital
releases and the rise of “content films” and others. The
Indian Postproduction, VFX and Animation industry
accounts for <10% share of the global market and has
the potential to be a booming sector this decade on the
back of several Central and State Government initiatives

TABLE
OF
CONTENTS
INDIA
MEDIA AND
ENTERTAINMENT
Recovery from
the pandemic
and beyond
08
TELEVISION
BROADCASTING
The show goes on
20
RISE OF THE
STREAMING
INDUSTRY
30

7
FILMS
A transition
underway
54
POSTPRODUCTION
- VFX AND
ANIMATION
A real growth
opportunity
60
REALIZING
THE GROWTH
OPPORTUNITY
Imperatives for
stakeholders
68
GAMING
OVERVIEW
Future is play
48

01
India Media and
Entertainment
Recovery from the
pandemic and beyond
8 Blockbuster script for the new decade

India Media and Entertainment: Recovery from the pandemic and beyond 9

M&E industry back on growth trajectory
Note: 1. Others includes OOH, live events; Audio includes radio & digital music; Print includes newspapers, magazines & books
All years mentioned are calendar years
Source: MagnaGlobal, PQ Media, Ampere, Omdia, BCG analysis
Indian Media & Entertainment industry market size ($Bn)
Gaming
Audio
OOH and
others1
Cinema
Television
Print
Search & Social
OTT
Animation,
VFX, Post-prod.
-
2020
2019
2015 2021E
19
26
24
26-28
12-16%
-10%
46%
37%
37%
33-35%
22-25%
9-10%
7-9%
7-9%
5-7%
5-7%
2-4% 1%
27%
25%
25%
8%
6%
7%
6%
4%
6%
6%
6%
3% 1%
5%
10%
5%
1% 1%
4%
4%
3%
2% 2%
11%

High contribution
& low growth
Low contribution
& growth
High contribution
& growth
Japan
United Kingdom
South Korea
China
United States
Germany
0 4 6 8 10 12
1
2
3
4
France
Brazil
Mexico
Spain
Australia
Italy
Canada
Low contribution
& high growth
Note: 1. India pre-COVID number has been calculated by keeping Media & Entertainment contribution to the GDP constant and considering the Media and Entertainment industry
CAGR from 2015-19. 2. Both GDP and M&E numbers are nominal 3. M&E Industry includes both consumer spends and advertisement revenues
Source: MagnaGlobal, PQMedia, EIU
India M&E shows significant headroom for growth
in direct contribution to economy
M&E % contribution to GDP 2021
M&E CAGR 2015-21
India India
Pre-COVID1
India’s M&E
industry has
significant
headroom for
growth basis global
benchmarks
India along with
China has been
among the highest
growth markets

1. TV: ages 18+ who use at least once per month; includes live, DVR, and other prerecorded video (such as video downloaded from the internet but saved locally); includes all time
spent watching TV, regardless of multitasking. If all population with age 18+ is considered, average hours per day is 3.3 hours as of 2021
2. Digital: ages 18+ who use at least once per month; includes all time spent with online video activities, regardless of multitasking; includes viewing via desktop/laptop computers,
mobile (smartphones and tablets) and other connected devices (game consoles, connected TVs or OTT devices)
3. Print: ages 18+ who use at least once per month; includes magazines and newspapers; includes all time spent with print mediums, regardless of multitasking; offline reading only
4. Radio: ages 18+ who use at least once per month; includes all time spent listening to radio, regardless of multitasking; excludes digital radio
Source: eMarketer database, BCG analysis. Estimate differs from previous versions of the report due to changes in population definition, we have only considered the population who
uses the platform in question
Consumption story continues to stay strong
Number of hours of consumption/day
4.3-4.5
2.9-3.2
0.7-0.75
1.2-1.3
3.6
1.8
0.7
1.3
Growth in digital consumption outstripping all other segments
Television1
Digital
video2
Print3
Radio4
2018 2021E
Per capita media
consumption continues
to grow
Covid-19 led to a surge in
consumption across digital
screens and platforms

Marginal growth in PayTV (unlike the US and China);
penetration headroom provides growth tailwinds
Number of PayTV households1
(Mn) Number of SVOD subscriptions (Mn)
SVOD market booming in India
Note: 1. PayTV households excludes households that subscribe to free DTH in India and households that subscribe to free DTH and terrestrial TV in both USA and China.
2. Penetration numbers are 2021 estimates and calculated given the total number of households in country.
Source: Omdia, BCG analysis
Pay TV is growing marginally along with rapid rise of SVOD
India
China
US
PayTV Penetration2
(2021)
54%
55%
71%
2019 2020 2021E 2022E
165-170
380-385
80-85
170-180
380-385
70-75
170-180
380-385
65-75
175-180
380-385
62-68
0%
-7%
+2%
20-25
240-250
320-340
50-55
300-320
360-380
90-100
380-390
440-450
+51%
+17%
+11%
70-80
350-360
400-420
Subscription
level data
Household
level data

Note: All years mentioned are calendar years
Source: MagnaGlobal, Digital Video (AVOD) from Omdia, BCG analysis
Advertising is showing a V-shaped recovery
India advertising revenues ($Bn)
7
10
8
8.5-9.5
10-10.5
OOH
Cinema
Television
Print
Radio
Digital
Digital led recovery expected to get market back to ~$10 Bn in 2022
2015 2019 2020 2022E
2021E
~20% 11-14%
10-11%

India lags other markets significantly on advertising
penetration as part of GDP
Indian ad spend as % of GDP is among the lowest in the world, potential for multi-fold growth in
advertising over the next few years
Ad
Spend
CAGR
2015-21
Ad spend as % of GDP (2021)
India
Russia
Philippines
China
Spain
Indonesia
United Kingdom
United States
Median
Vietnam
Mexico
Brazil
France
Canada
Italy
South Korea
Germany
Australia
Japan
Ad revenue
Note: All years mentioned are calendar years; All GDP & Ad spend values are nominal
Source: Magna Global, Omdia, Oxford Economics, BCG analysis
1.2
0.6 0.8 1.0
0.4
0.0
0
2
4
6
8
10
12

Advertising is transitioning in an accelerated manner to
sharper requirement for ROI measurement
What the industry needs to
continue progress
Improved targeting .. Personalization,
audience selling
Real time tweaking of campaign
parameters to get more bang for the buck
Reach right audience in cost-efficient
manner at low-scale for advertisers
01
02
03
Single currency for measurement
across TV & OTT
Standardizing measurement metrics
across digital platforms
Provide real time visibility
to advertisers

• India growth story continues
to be multi modal
• Consumption moves
more sharply towards
digital media
• Supply side factors at
play, in addition to
consumption trends
India Media & Entertainment market size ($Bn)
Note: 1. Others include Audio, Cinema and OOH Media; All years mentioned are calendar years.
Source: Omdia, EIU database, Magna Global, Expert discussions, BCG analysis
Gaming
others1
Television
Print
Search & Social
OTT
Animation,
VFX, Post-prod.
2021E
26-28
2030E
5-10 $Bn
9-11%
Indian M&E to continue its unique growth story over
medium term
33-35%
22-24%
22-24%
22-25%
7-9% 2-4%
10%
6-8%
10-12%
10-12%
14-16%
10-15% 10-12%
7-9%
$55-60
Bn
$55-70
Bn
Additional potential upside of $5-10 Bn
driven primarily by OTT and gaming

Strong growth tailwinds driving momentum in
digital-driven sectors
Source: Omdia, Magna Global, Expert discussions, BCG analysis
Sub-sectors Key drivers
Television
Subscription
Strong performance by regional channels; Cost advantage vs. OTT
Second / Third pay TV connections getting curtailed on the back of OTT and Free dish
Advertisement
Continued mass & wide reach with high penetration for building & sustaining brands
Ad revenue as share of GDP lags other countries, expected to increase
OTT
SVOD
Improved internet & smartphone access, and payment mechanisms
Investment in content, pricing innovations & bundling creating targeted niche properties
AVOD
Significant increase in online content consumption
Ad technology and format innovations
Gaming
Mobile first gaming population with rising internet & smartphone access
Local games targeted specifically at local audience
Print
Focus on exclusive content with emphasis on credibility; reputed brands to gain
Shift to digital (esp. ads), reduced metro/English press subscriptions
Search & Social
Rise in online shoppers, social media users
Low ticket size makes it suitable for India’s large SME segment
Audio
Growth in audio streaming, international & regional music
Wide reach with high penetration; Ad volumes shifting to Tier2++
Cinema
Expectation of growth due to a strong content pipeline and rebound demand
Shift to Digital/OTT release during the pandemic
Animation, VFX &
Post-production
Increasing importance on content and better technology adoption
Availability of low cost and high skilled talent in India
OOH & Others Upcoming infra projects, evolving digital OOH (DOOH)
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
-
-

The impact of M&E far beyond the direct industry size
Source: Press Search, BCG Analysis
M&E industry can have a
holistic impact on India’s
economy beyond its
direct reach…
Not Exhaustive
• Taking Indian culture
to the world
• Connecting the Indian
diaspora to India
• Indirect & direct
employment generation
• Tangible impact on
Indian tourism and other
allied industries
Food &
Beverage
Export of
Indian culture
Connect with
Indian diaspora
Tourism
MEDIA &
ENTERTAINMENT

02
Television
broadcasting
The show goes on

21
Television broadcasting: The show goes on

Growth on the back of
growing TV penetration/
second screens
Small changes in ARPU
driven mostly by mix
Total TV penetration has
also matured at ~64%,
with ~10% of penetration
captured by Free Dish
Note: 1. IPTV numbers included in total, but not depicted on charts as they’re less than 0.1% of total households., 2. PayTV penetration is percentage of households in India that
subscribe to Pay TV.; All years mentioned are calendar years
Source: Omdia, SNL, BCG analysis
Pay TV growth slowing down; DTH gaining share from cable
Number of TV households (Mn)1
DTH gaining share on back of customer experience focus
2021E
42
73
102
2020
37
70
102
2019
33
66
103
2018
24
64
111
Cable
PayTV
Penetration2
PayTV ARPU
(USD)
Free Dish
DTH (Paid)
215-220
209
202
199
57% 54% 54% 54%
2.9 2.9 2.8 ~2.9

23
TV Ad volumes back to pre-COVID levels
Total TV ad volumes in 2021
exceeded 2019 levels
Recovery across spectrum, FMCG &
E-commerce key drivers
Total ad volumes on Television
(in Mn seconds)
H1 2019 H1 2020 H1 2021
777
+6%
874
638
+37%
Source: BARC Nielsen, BCG Analysis
Growth driven by revival in ad spending post-
COVID & increase in customer demand
COVID second wave hasn’t hampered
overall recovery
High growth witnessed in categories like
FMCG, E-commerce, which witnessed CAGR’s
of 18% and 15% from 2019-21 respectively
Growth seen across spectrum of advertisers –
Top 10, Next 50 and the rest

TV Broadcasting| the story of a mature sector
Growth of localized &
micro-genre content
01
• Evolving to
target specific
audience
segments
• New languages,
deeper content
in regional
languages,
micro-genres
Nascent signs of
cord-cutting
03
• Early signs of
cord-cutting
• With continued
moderate
growth of Pay
TV subs, low
home broadband
penetration
• Family viewing
platform
• High
proportion
of co-viewing
within family &
friends
• Most Indian
households –
single TV
TV viewed distinctly as a
family viewing platform
02

25
Entering new regional markets
• Sun Group – Bengali (‘19),
Marathi (‘21)
• Zee – Punjabi (‘20)
• Star – Odia (Jan ‘22)
New genre specific channels in existing
regional markets
• Zee – Bhojpuri, Kannada, Tamil
movie (‘19-20)
• Star – Marathi, Bengali movie
(Dec ‘21)
Sub-genre specific channels:
• Star – Romantic & thriller Hindi
movie channels (‘Dec 21)
01
Content | Evolution of channels to target specific
consumer groups
Growth of regional content - share of Regional
GRPs increasing (vs. Hindi)
Significant increase in regional
channels in past few years
Note: GRP data only for GEC, Movies and Music. Excludes English
Source: BARC, Company websites, TRAI, Press search
Broadcasters leveraging multiple
growth opportunities
1
1
2
2
3
3
GRP share (GEC, Movies and Music)
FY18 FY20
FY19
Regional
Hindi
FY22 (H1)
100%
FY21
48% 48% 53% 50% 52%
52% 52% 47% 50% 48%

Content | Strong growth observed for Regional content
(Viewership & Ads)
News
Growth in average weekly viewing
minutes (Bn)
Period – 2019-2020
27%
Average1
10%
Average2
10%
Average3
Movies
Growth in average weekly viewing
minutes (Bn)
Period – 2019-2020
Growth in total ad volumes
(Mn seconds)
CAGR for Q3 2019 – Q3 2021
Note: 1. Average growth of weekly viewing minutes for news channels across all languages (2019-2020). 2. Average growth of weekly viewing minutes for movie channels across all
languages (2019-2020). 3. Average growth in ad volumes across all channels (Q3 2019 – Q3 2021, YoY). All years mentioned are calendar years
Source: BARC, BCG analysis
…and so are ad volumes
Regional content viewership (e.g., news and movies)
growing fast…
01
Malayalam
66%
Tamil Gujarati
85%
Tamil Kannada Bangla Bhojpuri Marathi Punjabi
43%
20%
30%
34%
16%
24%
49%

27
TV continues to be a family viewing platform
Watched across all age groups in India Significant co-viewing occasions
Note: 1. % of population and % TV viewers data as of 2020
Source: BARC, UN population prospects, BCG Analysis
% of TV owning
individuals watching
with someone else
Average number
of co-viewers per
household
82% 3.46
% of
population1
26%
2-14
Years
25-27%
Age % of TV viewers1
12%
41-50
Years
10-12%
27%
15-30
Years
31-33%
9%
51-60
Years
7-9%
16%
31-40
Years
15-17%
10%
61+
Years
6-8%
02

Fixed broadband
penetration
much lower than
the US & the UK
Convenience
Ad-free experience
Access to specific content
Personalized screen
Fixed
broadband
penetration1
Higher cost for
OTT vs PayTV
(OTT +
Broadband)/
PayTV cost2
Cord cutting in its nascent stages – with real constraints
Major differentiating factors relative to
developed markets
India US
03
8-9% 95%+
~2.5x ~0.8x
Consumer reasons for early signs of
cord-cutting
Note: 1. Fixed broadband penetration as of 2021
2. PayTV, OTT and Broadband cost as per 2021 numbers. Cost for PayTV vs OTT calculated by considering average PayTV ARPUs for USA and India, average ARPU for Netflix in
USA as OTT cost, average cost for a subscriber having 3 OTT subscriptions in India – Hotstar + SonyLiv + 1 more and average cost of fixed broadband in USA and India.
Source: SNL, Ampere Analysis, Customer interviews, BCG Analysis

29
NTO | NTO led networks and households to focus on fewer
properties but also create niches
04
Source: Adgully, Financial Express, Omdia, BCG Analysis
Industry relooking at
value proposition and
streamlining portfolio
• Star – Marathi and
Bengali movie channels
to be launched in Dec
‘21, new Odia channel
slated for Jan ‘22 while
indicating plans to shut
down Star World and Star
World Premiere HD
• Sony shut down English
entertainment channels
AXN and AXN HD in
June 2020
Networks are making conscious
choices on growing regional
languages and other in-demand
niches while rationalizing the long
tail; examples include
9%
11%
22%
27%
23%
8%
9%
17%
27%
29%
13%
6%
15%
29%
31%
16%
6%
14%
26%
30%
21%
5% 3% 3%
Households are cutting
down on the number of
channels post NTO…
Number of channels watched in TV
viewing households / week
Jun - Dec
2018
Feb - Mar
2019
Mar - Jul
2019
Sep 2019
- Jan 2020
1-10
41-50
11-20
51+
21-30 31-40
…and increasingly choosing
a la carte channels
Percentage of PayTV households
choosing channel options
2022E
2019
2018
5%
8%
19%
54%
41%
53%
39%
45%
36%
A la carte PayTV
recommendations
Broadcaster
packs
29

03
Rise of the
streaming industry

31
Rise of the streaming industry

Mobile &
internet banking
Additionally,
• Predominance of younger population, with 50-55% population under the age of 30
• India continues to be a single TV market with ~98% TV owning households owning a single TV
1. Calculated as total internet users as a share of total population
Source: Ovum database, BARC, The Ericsson Mobility Report, eMarketer, RBI data; National Payments Corporation of India (NPCI) statistics
Strong tailwinds from basic enablers being in place for
digital video streaming
Affordable high speed
mobile internet
Doubling of internet users
in 6 years
Increased adoption of
digital payments
Rs/GB
₹269.0
2014
₹6.7
2020
Share of Internet
users in total population (%)
2014
24%
42%
2020
UPI ATM
NACH, POS
and Cheque
FY15 Apr – Jan’21
• Potential for further increase with
China at 68% & US at 88%1
9%
10%
45%
31%
13%
57%
22%

Note: 1. OTT readiness measures fixed broadband penetration, speed, smartphone and 4G penetration
2. OTT Maturity looks at SVOD penetration, ARPU, SVOD revenue as % of Pay TV, OTT revenue growth (‘21-25) and Pay TV ARPU
Source: Omdia, Ampere Analysis, Magna Global, BCG analysis
• Cheaper data and
increased smart-phone
penetration driving usage
• Predominantly AVOD
model
• OTT is still supplementary
to linear TV
• Transitioned from AVOD to
SVOD model
• Growth in disposable income
to drive subscription
growth
• Investing in premium and
original content
• Pay TV cord cutting
• High SVOD penetration
with consumers subscribing
to multiple services
• Next wave—“Live” OTT
Australia
Norway
Brazil
Mexico
Canada
Spain
Japan
Russia
India
(2021)
India
(2017)
UK
Germany
China USA
France
OTT Maturity (2021)2
OTT
readiness
(2021)
1
2021(F) OTT Video market size
Early stage Scaling Mass
Indian OTT has progressed from early stage to scaling stage
33

Witnessed significant increase in data and video
consumption
Note: All years mentioned are calendar years, OTT platforms for other countries includes only SVOD and AVOD,
excludes Transaction video players and TV everywhere apps
Source: Ovum database, The Ericsson Mobility Report 2019, Vidooly, eMarketer, Statista, TRAI, BCG analysis
4x jump in number of
OTT platforms
4x increase in share
of digital in total
video watch time
40-50X increase in data
consumption; video is
the largest use case
2020
2014
OTT
Platorms
40+
OTT
Platorms
~10
Non digital
Digital
39%
9%
13-14 GB
/user /month
~0.3 GB
/user /month
# SVOD and AVOD platforms
in other mass markets varies
significantly
• E.g., 10-20 in Australia, UK,
Germany

35
Subscription model has seen a surge over last few years;
expected to overtake AVOD gradually
India OTT Revenue ($Mn)
AVOD
SVOD
Note: 1. Number of year-end SVOD subscribers in million.
Source: Omdia database, BCG Analysis, Expert discussions
2015
250-300
2016
300-400
2017
400-500
2018
700-800
2019
1,100-1,200
2020
1,400-1,500
2021 2030E
1,800-2,200
13-15 $Bn
Year end
# SVOD
subscribers1
0.5 2.5 5.5 14 23 53 70-80
300-400
10-20
40-60
400-500
600-650
100-200
800-900
250-300
900-
1,000
500-600
1,000-
1,200
800-
1,000
55-60%
40-45%
22-
25%
Faster growth for
SVOD vs. AVOD in
past few years
SVOD expected to
overtake AVOD in
the coming years
Expected to grow
to 13-15 $Bn over
the next decade at
a high growth rate
of 22-25% CAGR

Disney+
Platforms focusing on driving subscriptions with India
specific pricing
Global players offering India specific price points to compete with local OTT platforms
Monthly price OTT platforms in USA vs India
(US price indexed to 100 for individual players)
Pricing of global
streaming services
in India has been
made affordable to
drive adoption
Global players like
Netflix, Prime Video,
Disney+ offering plans
in India at 70-90%
cheaper than the US
Note: 1. All prices quoted according to the listed subscription price on the respective OTT platform websites/apps. The prices do not incorporate any limited time promotional offers/
discounts running at the time of publishing this report.
1 USD = 75 INR
Netflix: Basic plan (US), Mobile plan (India) Prime Video: Yearly membership for both India and US; includes total price and does not consider any allocations
Disney: Yearly plan (US), Mobile yearly plan (India) MX Player: Quarterly plan considered for 1 year (US), Yearly plan (India)
Source: Press Search, BCG Analysis
Netflix
100 100 100
30
17
8
Prime Video
USA India
MX Player
100
20

37
• Penetrative
pricing –
significantly
expanded
reach
• Bespoke
bundling for
specific value
props
• Use of
personalization
• Strong
correlation
between
content &
service uptake
with audience
stickiness
• Reaching global
audiences
• High quality of
regional content
Increased
content spends
01
Pricing innovations
02
Ad format
innovations
03
• High
engagement
rates
• Reach of
unexplored
markets at a
lower cost
Rise of alternate formats
e.g., short form video
04
• Sponsored
content vs.
“explicit” ads
• Interactive/
actionable
• Commerce
integration
• Targeted
advertising with
personalization
Expect the growth story will continue and accelerate
Key drivers

India, service uptake drivers by proposition
Original / Excusive Content | Remains a key user need
from OTTs …
Note: 1. Data collected from Omdia India Consumer Devices, Media and Usage survey, November 2020; N=2,449 respondents from India
Source: Omdia India Consumer Survey, BCG Analysis
Want to watch a specific program/series
Range of content
Watch original content made by the provider
Watch exclusive content not available elsewhere
Watch on a specific device
Ability to download content for offline viewing
Greater flexibility (no long-term contract)
Free trial or promotional offer
Advertisement free
Ability to watch concurrent streams
Ability to watch on a wider range of devices
For wider benefits (e.g., shopping/
delivery services, retails discounts)
More control (on demand)
Primarily for broadband access
UHD content
Proportion of respondents1
None of the above
Other
0% 5% 10% 25%
15% 30%
20% 35%
01

39
Note: 1. All years mentioned are calendar years
2. Calculated using different content types:
2a. Split of OTT content cost between Original Shows to Original Movies is 35:65
2b. Among Original Shows, the split of content cost across categories is as follows: Tentpole (>= USD ~5 mn): 70%, Others: 30%
2c. Among Original Movies, the split of content cost across different categories is as follows: Tentpole (USD 10mn and above):
65%, Category A & B (>USD 1.3 mn < USD 10mn): 25%, Category C (<=USD 1.3 mn, dubbed movies, renewals): 10%
Source: Omdia Online Video Trends Report 2021, Expert discussions , press search, BCG analysis,
… leading to rising investments in Indian original content
Originals continue to be the
biggest subscription driver
on the platform & help
build audience stickiness.
They have longer shelf life
and help in attracting new
subscribers even years after
the launch date.
− Business Head,
Leading Indian OTT player
Strong growth in investments
in Indian originals
Accompanied by growth in
hours of original content
available to users
Investment in Indian original content,
2017-21 ($Mn)
Hours of original content on
OTT platforms in India
2018
2019
2020
2021E
2017
2018 500-600
2020 1,400-1,800
2019 1,000-1,200
2021E 2,400-2,600
600-700
280-310
330-360
270-300
180-210
30-40%
60-70%
01

Players are creating
content to cater to
regional demand
Disney +
Hotstar
40%+ share for regional in
total content consumption;
Synergy with broadcasting
presence in regional
languages
Amazon
Prime
Strategy of regional being
the new national with ~50%
of viewership for regional
language movies coming
from outside home states
Zee5
Offers content in ~12
languages; plans to
increase investments in
regional content from ~15%
to 30-40%
MXPlayer
Offers content in 10+
languages, Introduced a new
category - “MX VDesi” which
brings international content
dubbed to Indian languages
like Hindi, Tamil and Telugu
Alt Balaji Focus largely on Hindi
Share of Indian Population with
language as mother-tongue (%)
Regional Content | Strong focus due to untapped
market potential
Source: Census 2011,Omdia Report - Trends to Watch: The Indian OTT and Pay-TV Market, Nov 2021, Press Search, Expert discussions, BCG analysis
56% of Indiatheirn population has a
regional language as mother tongue,
which is larger than the population of EU
India displays
strong affinity towards
regional languages
44%
Hindi
Other regional
languages
Tamil
Telugu
Marathi
Bengali
29%
6%
7%
7%
8%
Share in Direct to OTT films (%)
Both Regional and
Pan-India players
focusing on regional
Pan India
OTTs
Regional
OTT
2020-2021
45-50%
50-55%
01

41
01
Strong content also helping capture eyeballs outside India
Source: AppAnnie, press search, Expert discussions, BCG Analysis
Indian OTT can cater to
international demand…
• Target the
Indian diaspora
• Target markets that have
language similarity with
India (eg. Bangladesh,
Sri Lanka, other South-
East Asian countries)
• Create presence in the
global market - original
content with focus on
‘glocal’ stories
OTT platforms offering high-quality original content with
international distribution…
Availability of high-quality content
• International Emmy Nominations for Nawazuddin Siddiqui for the movie
“Serious Men”, “Aarya” (Series), “Vir das: For India” (Comedy show) and
many more.
• IMDB top 50 most popular web series include Kota Factory, Made in
Heaven, Flames, Yeh Meri Family, TVF Tripling, Little Things & Permanent
Roommates
Extensive global reach of OTT players
Player
Countries
Netflix
190+
Amazon Prime
200+
MX Player
13+
ErosNow
150+
Indian content leveraging OTT for international distribution
• Sacred Games S1: 2/3 viewers are from outside India
• Tamil film Jagame Thandhiram: ~50% of the viewers came from outside India
in the first week of release
• Film was subtitled and dubbed in multiple languages, including English,
Spanish, French and Portuguese, enabling wider access
• Has been in the Top 10 in 12 countries outside India and no.1 in the Top
10 row in 7 countries

Companies leveraging pricing innovations to increase
access for Indian user (I/II)
Source: Press search, Omdia, BARC, Expert discussions, BCG Analysis
Prime on Delivery: Payment for Prime subscription collected
offline by agents at doorsteps
HoiChoi top up cards : Hoichoi has provision for offline
top-up cards for renewing subscription offline
AltBalaji partnership with Paypoint : Access to 45000+ offline
stores of Paypoint for offline subscription & payment options
Offline payment
options
• Attempt to increase penetration
beyond the urban population
comfortable with digital payments
• Recognizing India’s “mobile first”
nature of market
• Given that ~98% households in India
are single-TV homes, smart-phones
become the default screen for video
viewing for many in a family
• Moreover, low broadband
penetration (at ~9% households)
limits OTT viewing on TV
Mobile only
packs
Prime Video Mobile edition
• Mobile-only
• 1 device service of Prime video
• Aims to be first entry point to other Prime services
Netflix Mobile only plan at Rs. 199 per month
Pricing formats Objective Select examples
02

43
Companies leveraging pricing innovations to increase
access for Indian user (II/II)
02
Source: Press search, Expert discussions, BCG Analysis
Sony Liv offers 4 plans;
LIV Special+ (Rs. 199/yr for Ad supported, Rs. 399/yr for Ad free)
• Latest episodes of TV shows
• Does not include live sports, original TV shows and
movies etc.
WWE Network (Rs. 299/yr)
• Specially curated for WWE fans with live WWE events,
unrestricted access to entire WWE library, exclusive WWE
series, documentaries, biographies etc.
LIV Premium (Rs. 999/yr)
• Includes exclusive originals & international series, live
sports and TV channels
Pricing formats Objective Select examples
• Targeting the value-conscious
consumer who may not be willing
to pay extra for Premium content
Penetrative
pricing

03
OTT evolving to blend content with ads and towards making
ads “interactive” (I/II)
• Sponsored content as an
alternative to “explicit” ads
Blending of
content and ads
Netflix & F1
• F1 teamed up with Netflix to create a docuseries “Drive to
survive” giving a behind-the-scenes view of the sport
• The show brought in many new fans that had no earlier
inclination towards motorsport
Disney + Hotstar & Quaker oats
• Quaker India partnered with Disney + HotStar to create
a celebrity cooking show called “Kitchen, Khanna &
Konversations”
• The show provided fitness enthusiasts with new recipes to
incorporate oats in their healthy diet
MX Player & MG Motors & Gujarat tourism
• MX Player is producing MX Specials that will not only
appeal to viewers but also meet the business needs of
advertisers
• “Hidden tastes of Gujarat” will give viewers a glimpse of
Guajarati culture while also showcasing the features of the
MG Vehicle used in the show
Ad formats Objective Select examples

45
OTT evolving to blend content with ads and towards making
ads “interactive” (II/II)
03
• Increasing demand for enhanced
advertiser value proposition using
interactive / actionable ads to
drive conversions
Roposo
• Premium creators can create their own Digital store for a
subscription fee
• Sellers can market their products via content and sell it
on the platform itself
Voot
• Voot offers many interactive components connected to
the shows on the platform
• The type of interaction ranges from voting for contestants
to sending in recordings with questions for the stars in
“BIGG BOSS”
• All interactive content can be sponsored by brands
Ad format
innovation
Ad formats Objective Select examples

Short form video seeing increased traction and growth
Short form video grew at 150%+ CAGR, driven by Indian short form video players post TikTok ban
Note: 1. Number of active users is the sum of the number of active users for all short form video apps considered. A single individual can be an active user for multiple apps.
2. Number for 2021 projected using data available till 30th September 2021; exhibit illustrates average yearly active users. 3. Short form video here does not include social media
players; includes tiktok (until the ban), Chingari, Hipi, Josh, Mitron, Moj, MX Takatak, Roposo etc. Excludes Youtube shorts and Insta reels
Source: App Annie, Industry experts, BCG Analysis
No. of active users (Mn)1
04
TikTok as
market leader
Market continued to grow
on the back of players
like MX TakaTak, Moj,
Josh, Reposo
2017
3
2018
40-50
2019
80-100
2021E2
180-200
2020
150-170

47
Growth in user base
& consumption
of crea
t
o
r
s
/
i
n
f
l
u
e
n
c
e
r
s
Incre
a
s
e
i
n
n
u
m
b
e
r
Short form video growth driven by multiple factors
Source: Press search, Industry experts, BCG analysis
04
Three pillars of Short Form
Video flywheel
01
02
Virtuous cycle of
Short form video
03
01
03
02
Tier 2+ cities driving usage of short form video apps, form 60%+ userbase
This is evolving quickly, with increased traction in metros and tier 1 cities
Growth in user base & consumption
Increase in number of creators / influencers
Rise in advertising & monetization
Advertisers can choose from a wide range of available ad formats
Have high engagement rates and user stickiness
In order to increase the quantum and originality of content, platforms are
focusing on finding and grooming content creators
Examples include Josh’s World Famous, Moj’s Creators Program,
MXTakaTak’s Launchpad
Indian short form platforms support more than 10 languages
Helps brands in reaching unexplored language dominated market
Rates for advertising are lower compared to other social media platforms
CPM rates for short form video platforms are as low as $1 whereas it can
go as high as $4 for Facebook’s news feed and stories
~40% of the users of the age group between 16-24 years
Helps new age and FMCG brands in targeted advertising
Many players are also extending into social commerce space to better
monetize and attract more creators
E.g., E-commerce platform Flipkart and Moj are partnering to enable
video and live commerce, where Moj users will be able to shop on the
former’s online platform
Driven by
Tier 2+ users
Effective Ad
platform
Grooming
content
creators
Diverse
Languages
Cheaper
alternative
Younger
population
Content –
commerce
integration
&
m
o
n
e
t
i
z
a
t
i
o
n
R
i
s
e
i
n
a
d
v
e
r
t
i
s
i
n
g

04
Gaming overview
Future is play

49
Gaming overview: Future is play

India on the verge of a real take-off
point for gaming on the back of a
“mobile first” gaming culture
Note: 1. Including console, PC and mobile gaming
Source: Industry experts, NewZoo, BCG Analysis
Gaming1
market size
(2021E)
$2-3
Bn
$46
Bn
$40
Bn
CAGR of the gaming1
market (2019-21)
~30% ~10%
~9%
Mobile gaming as %
of the gaming market
(2021E)
~90% ~60%
~35%
India China
US

51
What will drive future growth of the sector
Increased focus on familiar content, along with visual and voice features are helping
onboard new gamers and driving higher engagement
India emerging as talent hub - for India and for the world: larger talent pool with #
gaming companies having gone up >10x over last decade
Influencer-driven user generated content, livestreaming and the nascent but growing
esports industry are driving gaming adoption and higher engagement
Gaming platforms emerging - attracting user and investor attention: proposition of
diverse games as a one stop shop
Investors are actively scouting and shaping space: increased early-stage activity
with new highs
01
02
03
04
05

1
1 2
2 3
3
Key trends shaping the Indian mobile gaming market (I/II)
Number of gaming companies in India Number of YouTube subscribers of top
gaming vs. other creators (Mn)
Familiarity in content and
live communication features
attract new gamers,
simplifies onboarding
India emerging as a game
development talent hub -for
India and for the world
Influencer-driven user
generated content and
livestreaming driving
adoption and engagement
A key driver of PUBG’s success in
India is its voice chat function in
the app, which allows gamers to
communicate in real time in their
language of choice
>10x rise
over the last
decade
PUBG
Ludo King
LudoKing has grown rapidly
• Indians already familiar with
the board game
• Visual tutorials made the
mobile game easy & intuitive
Indian gamers are often unwilling to set their
device settings to non-English. Thus, when
there is reduced reliance on text e.g., voice
chats or visual tutorials, it helps in adoption
by breaking language barriers
– Gaming industry expert
Source: Industry experts, AppAnnie, Press search, BCG Analysis
CarryMinati
Lokesh Gamer 11.6
Desi Gamers
Gaming
creators
Non-gaming
creators
10.9
AS Gamer 12.7
Techno Gamer 18.9
BBK Vines 20.7
Ashish Chanchalani 25.6
Technical Guruji 21.5
Total Gaming 26.6
Amit Bhadana 23.3
31.3
25
2010
275
2020
15,000+
Game developers
in India
+10X

53
Key trends shaping the Indian mobile gaming market (II/II)
Gaming platforms that offer diverse
games emerging as a one stop shop for
many users
Investor activity booming: Gaming is
the next big frontier in the consumer
industry
Platforms offer games across genres and formats such
as casual, sports, fantasy, 1-1 battles, tournaments etc.
Total funding raised ($Mn)
Active gaming investors and key investments
MPL
>70Mn
Users reported
in 20201
WINZO
>20Mn
Users as of
April 20202
Paytm
First Games
>70Mn
Users as of
Dec 20192
Source: 1. Company interview
2. Secondary research; Industry experts, AppAnnie, Tracxn, Pitchbook, Press search, BCG Analysis
42
176
53
175
45
157
34
412
549
2010-
13
Sequoia Capital India MPL Moonfrog Rheo Octro
Lumikai LOCO Bombay Play eloelo
Kalaari capital Dream11 WINZO
Accel Get MEGA Mech Mocha
Elevation Playsimple Turnip
2017
2015 2019
2014 2018
2016 2020 2021
Q1
There are numerous titles, giving
something for every context for
a gamer, resulting in both more
# of players and more usage
4
4 5
5

05
Films
A transition underway

55
Films: A transition underway

Films| Post-pandemic recovery encouraging
Number of new films significantly lower
in 2020
Revival driven by re-opening of theaters;
big-ticket releases expected to boost earnings
However, low screen density likely to hinder recovery
in short term esp. with release backlog
Number of Indian films
Number of foreign
films (certified in India)
1,843 423 74 60
75,000
-77% -19%
April – November 2018 April – December 2020
No. of Cinema Screens
Note: 1. Percentages according to data for FY19
Source: Central Board of Film Certification, Producer’s Guild of India, BCG Analysis, Expert Interviews, MPA Theme Report 2020
% of regional films
released in 2019
% Tamil, Kannada, Telugu
and Malayalam films
~75%
45%
High proportion
of regional
language films1
Large number of films confined to OTT-only in 2020-21
due to cinema halls being shut across the country
Reopening of theaters at 50% capacity across India along
withincreasingconsumerdemandencouragingforindustry
Signs of recovery in both Hindi & regional movie
industries positive for medium-term growth
Big ticket releases have resumed with multiple
delayed films lined up for release
• India lags other mature markets in
no. of screens available
• Likely to become a bottleneck in
the next few months with a backlog
of releases from pandemic
45,000 8,500
India
China US

57
Films | Undergoing some significant changes and creating
new opportunities
Growth in regional film production targeted at specific audiences
Exhibitors and studios look to modify business models: more flexible windowing and production
strategies set to emerge
Rising pressure and opportunity for broader distribution with OTT players and direct to
digital releases
Recent years have seen the rise of “content films” faring well alongside the “star-cast focused
films” that dominated more in the past
Note: Relative rise in regional films vis-a-vis Hindi could be because theaters in most Southern states opened earlier whereas Maharashtra (a key for Hindi films) was among the
last in Oct 21. Hence, it may need some time to establish whether this is a temporary phenomenon or indicative of a more fundamental trend
Source: Expert interviews, BCG analysis

Theatrical rights
Cable and satellite
Digital rights
Music rights
Remake rights
Games
Stage plays
Experiential marketing
(Theme parks, gaming
arcades, etc
Merchandising
Animated/
web series
Publication
(Comic books, books)
Future trends| Content production houses & distributors
are expanding their sources for monetization
Source: Expert interviews, BCG analysis

59

06
Postproduction -
VFX and Animation
A real growth opportunity

61
Postproduction - VFX and Animation: A real growth opportunity 61
Postproduction - VFX and Animation: A real growth opportunity

Budget allocation to
VFX in big-budget films
expected to rise to
30-35% by 2023 from
25-30% currently1
Post-production animation/ VFX provides a real growth
opportunity
1. Budget >USD 100 million
Source: Technicolor Capital Markets Report Feb 2020, BCG analysis
Development
• Planning and
conceptualization
of script
Pre-production
• Finalize
cast, crew,
financing
and budget,
shooting
location,
logistics
• Hiring for
production
management
for creating
schedule,
managing
budget
• Get
necessary
approvals
Production
• On site
shoots and
all operations
related to
production of
the content
Post-production
• Review and
editing of
footage
• Music
recording,
sound design
and mixing
• Addition of
Animation,
Visual Effects
Distribution
• Distribution
through
traditional or
new media
to enable
the content
to reach
audiences

63
The sector has the potential
to become the torchbearer
of Create in India and
Brand India. AVGC sector
has channelized the
creativity of India’s youth
during the pandemic, and
it has the power to project
India’s creativity globally.
− Shri Piyush Goyal,
Union Minister of
Commerce & Industry
Market Share:
2020 2021E
0.9-1.1
0.6-0.8
India accounts for <10% of the global market share in the
VFX and Animation industry
Source: Montreal International, Venturebeat.com, SODEC, Press Search, BCG Analysis
Indian VFX and Animation market bounced back by 30-50% post a
difficult year in 2020.
Market Size, India ($ Bn)
2017 2018 2019
0.9
Animation VFX & Post-production
1.1
1.3
+19%
-40 -
50% +30 -
50%
<10%

2015 IT/ ITES Policy:
• Establishment of
Private AVGC Park in
Maharashtra
• Establishment of Fine
Art School / College i.e.
Digital Art Centre
• Set up of a Venture
Capital Fund
• Fiscal Incentives &
Concessions for
AVGC units
States like Karnataka, Telangana and Maharashtra are
already working towards improving India’s AVGC industry
AVGC is a promising and fast-growing sector that India has great
opportunity to develop. Like Bollywood, music, and IT, this is soft
power that can emerge as a major revenue generator.
– Prakash Javadekar,
Union I&B minister
The (AVGC) Center (for Excellence) will provide a place where
different technologies, developments in the field of animation,
gaming will be brought to one place. It will also train the thought
leaders in the field of AVGC.
– Amit Khare,
Secretary, I&B ministry
Source: Expert interviews, Secondary Research, BCG Analysis
Strong push for AVGC
sector by Central &
State Govt.
Central Govt.
• Recognized as
Champion Sector (2018)
• Plan to expand SIES
Incentive
• Plan to open FDI,
Budget 2019
• Plan to develop AVGC
Centre of Excellence at
IIT Bombay
State Govt.
• Maharashtra, Haryana,
Karnataka, Telangana,
Assam have curated
policies to promote
AVGC sector
Events: Bengaluru GAFx,
Karnataka AVGC Summit,
Digital Art Symposium
(DAS), CII SummitFX 2021,
Bengaluru Tech Summit
2021 organized
2017-22 policy aiming to
stimulate growth of 100
KAVGC companies, create
15k jobs, talent building
through 120+ training
institutes and push for
75% of total revenue
from exports
IMAGE Centre of Excellence
(CoE), 2020, IndiaJoy
2021, Asia’s largest digital
entertainment festival
IMAGE Policy 2016
• Aiming to provide
infrastructure, initiate
talent building, bring
in fiscal incentives and
promote SC/ST and
women entrepreneurs
Karnataka Telangana Maharashtra

65
Development of infrastructure and intellectual capital key
to boost Indian VFX & animation industry
Setup universities /
courses:
• UG & PG courses
• R&D, especially with
foreign studios and
universities
• Industry exposure:
internship, exchange
• Business courses
to promote
entrepreneurship
Develop state-of-the-art
facilities:
• Physical infrastructure:
studios, universities
• Technical
infrastructure &
capabilities
Key enablers:
• Foreign investment
• International
partnerships
• Non-monetary aid
Necessary to retain
competitive advantage
of low cost over other
countries
Infrastructure Incentives (Financial) Intellectual Capital Index for EoDB
Overall production
friendliness
Organizations that
promote overall industry
globally
Regular events to display
domestic capability and
to provide a platform for
networking

VFX and animation can be the next boom for the industry
1. Indirect & Induced Employment Coefficient for Other Services, Impact of Investments in the Housing Sector on GDP and Employment in the Indian Economy, NCAER, 2014;
Extrapolation based on revenue to jobs ratio in India’s film industry, MESC Skills Gap Report 2014, Industry Reports
Source: Montreal International, Venturebeat.com, SODEC, Press Search, BCG Analysis
Potential job creation and
economic activity
Direct & indirect job creation
45-60K
Jobs in
2019/2020
New jobs created
if India captures
20-25% share
75-120K
India has <10% of the global market share in VFX
and Animation; Potential to scale this up to 20-25%
through structural interventions
Indian VFX & animation experts’ cost ~1/5th the cost of
western counterparts
Other global hubs have emerged offering skilled
intellectual capital and incentives of up to 40%
• Montreal, Canada grew at 25% CAGR from 2014-19
• Montreal has 235 video game and visual effects
studios, with more than 21000 jobs across them
• UK has emerged as the primary VFX hub in Europe
VFX & animation can be the next IT-BPM boom and
play a fundamental role in India’s M&E by 2030

67
Postproduction - VFX and Animation: A real growth opportunity 67

07
Realizing the
growth opportunity
Imperatives for stakeholders

69
Realizing the growth opportunity: Imperatives for stakeholders

Summary of imperatives for media companies
Create more
differentiated,
diverse content
catering to diverse
audience segments
and provide a
more personalized
viewing experience
Continue to
innovate on
pricing and new
monetization
models; take
Indian content
to international
audiences
Develop new,
strategic selling
models that
enhance the value
proposition for
advertisers
Develop Media
& Entertainment
as the industry of
choice for new
age talent
Invest in
technology and
advanced analytics
to drive content
curation, targeting,
measurability,
visibility

71
Realizing the growth opportunity: Imperatives for stakeholders
Multiple technology-driven use cases emerging fueling the
need for investments in technology
Continue to
grow consumption
Raise the bar on advertiser
value proposition
Build newer sources of
revenue for the industry
Hyper-personalized content
recommendation engines
Video engineering for fluency
and definition optimization
across multiple devices
Using VR to enhance
spectator engagement in
live sports
Hyper-segmentation for
targeted advertising
• Ad personalization
• Campaign performance
Standardized impact
measurement across
platforms
Enabling consumers to
experience content/
products advertised through
immersion of VR/AR
Content production
• Topic monitoring
• Automated video editing &
sound engineering
• Content generator
AI curated content supply –
identifying potential
‘hero’ content
• Content acquisition
• Intelligent document
recognition

Talent and capability imperatives for Media and
Entertainment industry
Key Imperatives
Continued investment
in content
Create advertiser value
Identify new sources
of revenue for industry
and country
Trends driving upskilling of
traditional roles
Trends creating demand for
new-age roles
• Demand for original and
regional content
• Increasing diversity of content across
languages, forms, and formats
• Increasing use of technology to drive
content curation and discovery
• Moving from tactical to strategic
selling - solution selling, bundling
• Performance measurement across TV
and OTT
• Monetizing niche audiences
• Increasing use of ad-tech platforms
• Hyper-segmentation of audiences for
improved targeting
• Creating stories for global audiences
• Integration of AR/VR to create
immersive content & streamline
production process
• Global export hub for VFX and
Animation, moving up the value chain

For Further Reading
Boston Consulting Group publishes reports on related topics that may be of interest to senior
executives. Recent examples include:
How Homegrown Streaming Video Can Take On the
Global Goliaths
An article by Boston Consulting Group, June 2021
Creating a Zero-Based Media Organization
An article by Boston Consulting Group, May 2021
Streaming Viewers Aren’t Going Anywhere
A report by Boston Consulting Group, April 2021
Lights Camera Action | The Show Goes On
A report by Boston Consulting Group &
Confederation of Indian Industry, December 2020
Will Peak TV Burst the Video Content Bubble?
An article by Boston Consulting Group, October 2020
Can Subscription Video Providers Hold On to Their New Customers?
An article by Boston Consulting Group, July 2020
Turn the Tide | Unlock the new consumer path to purchase
A report by Boston Consulting Group, May 2020
The Last Decade Was Great, but What About the Next?
A report by Boston Consulting Group, February 2020
In Media, Subscriptions Matter Most
A report by Boston Consulting Group, February 2020
The Trillion (and growing) Touchpoint Story: Recognizing the
monetization conundrum
A report by Boston Consulting Group &
Confederation of Indian Industry, November 2019

75
ABOUT THE AUTHORS
Kanchan Samtani is a Managing Director
and Senior Partner in the Mumbai office of
Boston Consulting Group
Mandeep Kohli is a Managing Director
and Partner in the New Delhi office of
Boston Consulting Group
ACKNOWLEDGMENTS
The authors thank and acknowledge
the support provided by Chinmay Wazalwar,
Prithvi Raj Nair, Mathews Paimpali and
Mallikarjun Vaddi in preparing this report.
A special thanks to Vidisha Dubey for
orchestrating the creation of the report,
Jasmin Pithawala for managing the
marketing process and Jamshed Daruwalla,
Saroj Singh, Vivek Thakur, Farah Daruwalla
and Akshata Thakur for their contribution
towards design and production of this
report.
FOR FURTHER CONTACT
If you would like to discuss the themes and
content of this report, please contact:
Kanchan Samtani
Managing Director and Senior Partner
BCG Mumbai
+91 22 6749 7074
Samtani.Kanchan@bcg.com
Mandeep Kohli
Managing Director and Partner
BCG New Delhi
+91 124 459 7435
Kohli.Mandeep@bcg.com
Nimisha Jain
BCG New Delhi
+91 124 459 7210
Jain.Nimisha@bcg.com
Vikash Jain
Managing Director and Senior Partner
BCG New Delhi
+91 124 459 7431
Jain.Vikash@bcg.com
Vipin Gupta
BCG New Delhi
+91 124 457 5607
Gupta.Vipin@bcg.com
Nitin Chandalia
BCG New Delhi
+91 124 459 7120
Chandalia.Nitin@bcg.com
Kanika Sanghi
Partner and Associate Director
Center for Customer Insight
BCG Mumbai
+91 22 6749 7134
Sanghi.Kanika@bcg.com
Vidisha Dubey
Project Leader
BCG Bengaluru
+91 80 4679 9174
Dubey.Vidisha@bcg.com
Neerja Bhatia
Executive Director
Confederation of
Indian Industry (CII)
+011-45771000
Neerja.bhatia@cii.in
Note to the Reader

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